Interim report
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5th November, 2026 The Manager – Listing National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, Block – G Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Scrip Code: EMAMILTD The Manager – Listing BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001 Scrip Code: 531162 Sub: Outcome of Board Meeting held on 5th November, 2026 Dear Sir/ Madam, In furtherance to our intimation dated 24th October, 2026, and pursuant to Regulation 30 and other applicable regulations (if any) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), this is to inform you that the Board of Directors of the Company, at its meeting held today, i.e, 5th November, 2026, has inter-alia: 1. considered and approved the Unaudited Financial Results (Standalone & Consolidated) for the quarter and half -year ended 30th September, 2026. In this regard, pursuant to Regulation 33 of the Listing Regulations, we are enclosing herewith the Unaudited Financial Results (Standalone & Consolidated) of the Company, for the quarter and half- year ended 30th September, 2026, along with the Limited Review Report, issued by the Statutory Auditors of the Company – marked as Annexure - A; The full format of the aforesaid results is annexed herewith for making the same available on the website of the Stock Exchanges. The results are also available on the Company’s website at www.emamiltd.in. 2. declared and approved the payment of 1 st Interim Dividend of Rs. 5/- per equity share having face value of Re. 1/- each fully paid up i.e. 500% on 42,92,00,000 equity shares of the Company for the financial year 2026 -27. The interim dividend will be paid on or before 4th December, 2026. Record date for ascertaining the name of the members / beneficial owners who will be entitled to receive the Interim Dividend is Friday, 13th November, 2026.
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3. considered and approved the appointment of Shri Debendra Banthiya, qualified Company Secretary (ICSI Membership No – F7790), as the Company Secretary & Compliance Officer of the Company with effect from 5th November, 2026. The details required as per Regulation 30 of the Listing Regulations, and SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, are enclosed and marked as Annexure – B; Further, Shri Debendra Banthiya has also been appointed as the Nodal Officer of the Company, in compliance with Rule 7 (2A) of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The Board meeting commenced at 12:00 Noon and concluded at 1:35 P.M. The aforesaid information will also be available on the Company’s website at www.emamiltd.in. This is for your information and record. Thanking you, Yours faithfully, For Emami Limited N.H. Bhansali CEO- Finance, Strategy & Business Development and CFO (Encl: As above)
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22, Camac Street 3rd Floor, Block ‘B’ Kolkata – 700 016, India Tel: +91 33 6134 4000 Chartered Accountants S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Emami Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Emami Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associates for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Discl osure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Holding Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “ Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consi sts of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable except with respect to one (1) subsidiary (including their two (2) subsidiaries), for Annexure - A
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Chartered Accountants which auditor have not reviewed the results for the quarter ended September 30, 2026 (also refer “Basis of Qualified conclusion paragraph”). 4. The Statement includes the results of the following entities: Entity Relationship Emami Limited Holding Company Emami Bangladesh Limited Subsidiary of Emami Limited Emami International FZE Subsidiary of Emami Limited Emami Lanka (Pvt) Limited Subsidiary of Emami Limited Brillare Science Limited (Formerly Brillare Science Private Limited) Subsidiary of Emami Limited Helios Lifestyle Limited (Formerly Helios Lifestyle Private Limited) Subsidiary of Emami Limited IncNut Digital Private Limited Subsidiary of Emami Limited (w.e.f June 01, 2026) IncNut Lifestyle Retail Private Limited Subsidiary of IncNut Digital Private Limited Axiom Ayurveda Private Limited Subsidiary of Emami Limited (w.e.f April 01, 2026) Axiom Foods and Beverages Private Limited Subsidiary of Axiom Ayurveda Private Limited Axiom Packwell Private Limited Subsidiary of Axiom Ayurveda Private Limited Emami International Personal Care LLC Subsidiary of Emami International FZE Emami RUS (LLC) Subsidiary of Emami International FZE Crème 21 GMBH (Formerly Fentus 113. GMBH) Subsidiary of Emami International FZE Overseas International FZE (Formerly known as Emami Overseas FZE) Subsidiary of Emami International FZE Emami Neo-Herbals International Ltd. Subsidiary of Emami International FZE PharmaDerm Company SAE Subsidiary of Emami Overseas FZE Tru Native F&B Private Limited Associate of Emami Limited Cannis Lupus Services India Private Limited Associate of Emami Limited
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Chartered Accountants Basis for Qualified Conclusion 5. As disclosed in the note 3(a) to the Statement, the accompanying Statement of unaudited consolidated financial results include unaudited interim financial results and other unaudited financial information in respect of Consolidated financial results of One (1) subsidiary (including its two (2) subsidiaries), whose interim financial information/ financial results reflect total revenues of Rs. 8,357 lacs, total net profit after tax of Rs. 941 lacs and total comprehensive income of Rs. 946 lacs for the quarter ended September 30, 2026, as considered in the Statement, which have not been reviewed by any auditor. These unaudited interim financial results and other unaudited financial information have been approved and furnished to us by the management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial results and other unaudited financial information. Accordingly, we are unable to comment on the financial impact, if any, on the Statement, if the same had been reviewed. Our review report for quarter June 30, 2026, was also qualified in connection with certain unreviewed components. Qualified Conclusion 6. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, except for the possible effects of our observations in para 5 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 7. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: • Three (3) subsidiaries, whose unaudited interim financial results include total assets of Rs. 18,580 lacs as at September 30, 2026, total revenues of Rs. 8,414 lacs and Rs. 14,401 lacs, total net profit/(loss) after tax of Rs. 563 lacs and Rs.
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Chartered Accountants (439 lacs) and total comprehensive income/(loss) of Rs. 448 lacs and Rs. (440 lacs), for the quarter ended September 30, 2026 and the period ended on that date respectively and net cash inflows of Rs. 97 lacs for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors. • Consolidated financial results in respect on One (1) subsidiary (including its Six (6) subsidiaries), whose unaudited interim financial results include total assets of Rs. 25,678 lacs as at September 30, 2026, total revenues of Rs. 11,540 lacs and Rs. 19,872 lacs, total net profit after tax of Rs. 1,130 lacs and Rs. 1,622 lacs and total comprehensive income of Rs. 909 lacs and Rs. 1,533 lacs, for the quarter ended September 30, 2026 and the period ended on that date respectively and net cash outflow of Rs. 189 lacs for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their independent auditor. • Consolidated financial results of One (1) subsidiary (including its one (1) subsidiary), whose interim financial information/ financial results reflect total assets of Rs. 9,985 lacs as at September 30, 2026, total revenues of Rs. 6,599 lacs and Rs. 8,068 lacs, total net loss after tax of Rs. 360 lacs and Rs. 452 lacs and total comprehensive loss of Rs. 399 lacs and Rs. 491 lacs, for the quarter ended September 30, 2026 and for the period from June 01, 2026 to September 30, 2026 respectively and net cash inflow of Rs. 17 lacs for the period from June 01, 2026 to September 30, 2026, as considered in the Statement, which have been reviewed by their independent auditor. The independent auditor’s reports on interim financial information/ financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. 8. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of two (2) associates, whose interim financial information/financial results includes the Group’s share of net loss of Rs. 34 lacs and Rs. 189 lacs and Group’s share of total comprehensive loss of Rs. 34 lacs and Rs. 189 lacs for the quarter ended September 30, 2026 and for the period ended on that date respectively.
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Chartered Accountants The unaudited interim financial information/ financial results and other unaudited financial information of the these associates have not been reviewed by any auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these associates, is based solely on such unaudited interim finan cial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial information/financial results are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Management. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005 _______________________ per Shivam Chowdhary Partner Membership No.: 067077 UDIN: 26067077UHYXWO3722 Place: Kolkata Date: November 05, 2026
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₹ in Lacs Year Ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income : (a) Revenue from Operations 1,08,765 1,03,921 79,851 2,12,686 1,70,260 3,77,951 (b) Other Income 2,295 1,850 2,137 4,145 4,296 8,511 Total Income 1,11,060 1,05,771 81,988 2,16,831 1,74,556 3,86,462 2 Expenses : (a) Cost of Materials Consumed 30,410 21,490 20,048 51,900 36,404 75,606 (b) Purchases of Stock-in-trade 13,108 11,462 9,894 24,570 20,751 43,841 (c) (Increase)/ Decrease in Inventories of Finished Goods, Stock in trade and Work-in- Progress (6,346) 2,570 (6,805) (3,776) (6,372) (5,646) (d) Employee Benefits Expense 14,013 13,572 12,122 27,585 24,068 47,909 (e) Advertisement and Sales Promotion 21,570 20,340 15,639 41,910 33,614 73,922 (f) Other Expenses 13,778 11,869 11,100 25,647 22,520 45,954 Total Expenses 86,533 81,303 61,998 1,67,836 1,30,985 2,81,586 3 Earnings before Finance costs, Depreciation & Amortisation, Share of Loss of Associates, Exceptional Item and Tax (1-2) 24,527 24,468 19,990 48,995 43,571 1,04,876 4 Finance Costs 608 561 263 1,169 506 1,113 5 Profit after Finance costs but before Depreciation & Amortisation, Share of Loss of Associates, Exceptional Item and Tax (3- 4) 23,919 23,907 19,727 47,826 43,065 1,03,763 6 Depreciation & Amortisation Expense: a. Amortisation of Intangible Assets 2,076 1,877 2,304 3,953 4,582 8,845 b. Depreciation of Property, Plant & Equipment 1,899 1,888 1,802 3,787 3,558 7,065 c. Depreciation of Right of Use Assets 554 511 421 1,065 837 1,824 Total Depreciation & Amortisation Expense 4,529 4,276 4,527 8,805 8,977 17,734 7 Profit before Share of Loss of Associates, Exceptional Item and Tax (5-6) 19,390 19,631 15,200 39,021 34,088 86,029 8 Share of Loss of Associates (28) (160) (182) (188) (393) (407) 9 Profit before Tax and Exceptional Item (7+8) 19,362 19,471 15,018 38,833 33,695 85,622 10 Exceptional item (Refer note 9) - - - - - (1,015) 11 Profit Before Tax (PBT) (9+10) 19,362 19,471 15,018 38,833 33,695 84,607 12 Tax Expense/ (Credit) (Refer note 4) : a. Current Tax (including MAT) 4,108 4,276 3,187 8,384 6,829 17,296 b. Deferred Tax Credit (478) (44) (268) (522) (620) (1,799) c. MAT Credit Utilisation/ (Entitlement) 1,182 1,345 (2,736) 2,527 (3,775) (8,416) Total Tax Expense 4,812 5,577 183 10,389 2,434 7,081 13 Profit After Tax (PAT) (11-12) 14,550 13,894 14,835 28,444 31,261 77,526 14 Other Comprehensive Income / (Loss) : Items that will not be reclassified to Statement of Profit or Loss in subsequent periods2,453 2,354 (420) 4,807 856 (2,688) Income tax relating to items that will not be reclassified to statement of profit and loss19 19 7 38 13 128 Share of Other Comprehensive Loss of Associates (net of tax) - - 2 - - (5) Items that will be reclassified to Statement of Profit or Loss in subsequent periods128 (127) 138 1 225 206 Income tax relating to items that will be reclassified to Statement of profit and loss(25) 23 - (2) - 121 Total Other Comprehensive Income / (Loss) 2,575 2,269 (273) 4,844 1,094 (2,238) 15 Total Comprehensive Income for the period/ Year (13+14) 17,125 16,163 14,562 33,288 32,355 75,288 16 Profit attributable to : a) Equityholders of the parent 14,416 13,735 14,835 28,151 31,261 77,527 b) Non-controlling Interest 134 159 0* 293 0* (1) 17 Other Comprehensive Income attributable to : a) Equityholders of the parent 2,591 2,273 (267) 4,864 1,098 (2,228) b) Non-controlling Interest (16) (4) (6) (20) (4) (10) 18 Total Comprehensive Income attributable to : a) Equityholders of the parent 17,007 16,008 14,568 33,015 32,359 75,299 b) Non-controlling Interest 118 155 (6) 273 (4) (11) 19 Paid - up Equity Share Capital (Face Value - Re 1/- per Share) 4,365 4,365 4,365 4,365 4,365 4,365 20 Other Equity 2,88,033 21 Earnings per Share (EPS) (in Rs.) (Face value of Re 1/- each) (not Annualised) (a) Basic 3.30 3.15 3.40 6.45 7.16 17.76 (b) Diluted 3.30 3.15 3.40 6.45 7.16 17.76 * Figures marked with (*) are below the rounding off norm adopted by the Group. EMAMI LIMITED CIN No : L63993WB1983PLC036030 Regd. Office :- Emami Tower, 687 Anandapur, E. M. Bypass, Kolkata 700 107, West Bengal UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED SEPTEMBER 30, 2026 S.N. PARTICULARS Quarter Ended Half Year Ended
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₹ in Lacs Unaudited Audited As at 30.09.2026 As at 31.03.2026 ASSETS 1 Non-Current Assets (a) Property, Plant and Equipment 65,494 52,924 (b) Capital Work-in-Progress 182 79 (c) Investment Properties 3,959 4,007 (d) Goodwill 26,261 6,819 (e) Other Intangible Assets 66,462 20,681 (f) Right of Use Assets 6,073 4,215 (g) Intangible Assets under Development 143 58 (h) Investments accounted for using equity method 405 8,659 (i) Financial Assets (i) Investments 31,323 27,585 (ii) Loans 920 475 (iii) Other Financial assets 1,398 1,140 (j) Deferred Tax Assets (Net) (Refer Note 4) 61,297 62,617 (k) Other Non-Current Assets 2,063 899 2,65,980 1,90,158 2 Current assets (a) Inventories 53,255 39,957 (b) Financial Assets (i) Investments 18,492 47,188 (ii) Trade Receivables 42,574 34,332 (iii) Cash and Cash Equivalents 4,736 17,675 (iv) Bank Balance other than (iii) above 20,562 23,309 (v) Loans 282 2,319 (vi) Other Financial Assets 15,901 7,288 (c)Current Tax Assets (Net) 73 72 (d) Other Current Assets 26,638 21,346 1,82,513 1,93,486 Total Assets (1+2) 4,48,493 3,83,644 EQUITY AND LIABILITIES 1 Equity (a) Equity Share Capital 4,365 4,365 (b) Other Equity 2,88,177 2,88,033 Total Equity attributable to equity holders of the Parent 2,92,542 2,92,398 (c) Non-Controlling Interest (161) (154) Total Equity 2,92,381 2,92,244 LIABILITIES 2 Non-Current Liabilities (a) Financial Liabilities (i) Borrowings 7,333 - (ii) Lease Liabilities 3,821 2,412 (iii) Other Financial Liabilities (Refer note 7) 21,930 321 (b) Provisions 3,953 3,135 (c) Deferred Tax Liabilities (Net) 13,090 593 (d) Other Non-Current Liabilities 1,028 1,115 51,155 7,576 3 Current Liabilities (a) Financial Liabilities (i) Borrowings 10,157 12,238 (ii) Lease Liabilities 1,772 1,542 (iii) Trade Payables Total outstanding dues of Micro & Small Enterprises 6,433 5,300 Total outstanding dues of creditors other than Micro & Small 47,948 42,406 (iv) Other Financial Liabilities (Refer note 6) 20,490 6,663 (b) Other Current Liabilities 4,255 3,847 (c) Provisions 10,675 9,904 (d) Current Tax Liabilities (Net) 3,227 1,924 1,04,957 83,824 Total Equity and Liabilities (1+2+3) 4,48,493 3,83,644 S.N. PARTICULARS STATEMENT OF ASSETS AND LIABILITIES EMAMI LIMITED Consolidated CIN No : L63993WB1983PLC036030 Regd. Office :- 687 Anandapur, Emami Tower, E. M. Bypass, Kolkata 700 107, West Bengal
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₹ in Lacs Half Year Ended September 30, 2026 Half Year Ended September 30, 2025 Unaudited Unaudited A. CASH FLOW FROM OPERATING ACTIVITIES : PROFIT BEFORE TAX 38,833 33,695 Adjustments for : Profit on sale/fair value of mutual funds and AIF (net) (1,350) (2,257) Depreciation and Amortisation Expense 8,805 8,977 Finance Costs 1,169 506 Interest income on Loans, Deposits & Commercial Paper (1,822) (1,375) Profit on Sale/Disposal of Property, Plant & Equipments (net) (11) (124) Dividend Income from equity investment carried at fair value through OCI (254) (127) Share of loss of Associates 188 393 Sundry balances written back (net) (11) (19) Cash Generated from operations before working capital changes 45,547 39,669 Adjustments for working capital changes : Increase /(Decrease) in Trade Payables and Other Liabilities 3,939 (1,893) (Increase) in Inventories (9,733) (9,963) (Increase) / Decrease in Trade Receivables (4,887) 7,903 Decrease / (Increase) in Loans and Other Financial Assets 705 (1,088) (Increase) in Other Non Financial Assets (2,709) (4,019) Increase in Provisions 883 270 (11,802) (8,790) CASH GENERATED FROM OPERATIONS 33,745 30,879 Less : Direct Taxes Paid (net of refund) 7,068 7,330 NET CASH GENERATED FROM OPERATING ACTIVITIES 26,677 23,549 B. CASH FLOW FROM INVESTING ACTIVITIES : Purchase of Property, Plant & Equipment & Intangible Assets (Including Capital Work-in-Progress and Intangible Assets under Development) (2,091) (2,047) Proceeds from Sale of Property, Plant & Equipment and Investment Property 37 741 Interest Received 510 689 Dividend Received 254 127 Purchases of Current Investments (1,38,570) (1,20,978) Proceeds from Sale of Current Investments 1,72,186 1,07,820 Investment in Alternative Investment Fund (AIF) (1,121) (938) Proceeds from Alternative Investment Fund (AIF) 18 6 Loan given to Associates (483) (1,150) Investment in Exchange Traded Funds (1,533) - Investment in Optionally Convertible Debentures of Associate - (400) Payment towards business combination net of cash and cash equivalents assumed / acquired (35,923) - Deposits made with Banks (6,686) (3,931) Proceeds from maturity of Deposits with Banks 5,418 11,138 NET CASH USED IN INVESTING ACTIVITIES (7,984) (8,923) C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of Short Term Borrowings (7,616) - Proceeds from Short Term Borrowings - 3,700 Transfer (to) /from Escrow Account (Net) (245) 4 Consideration paid towards purchase of NCI of a subsidiary - (5,921) Buy Back of Shares including Transaction Costs and Taxes (20,733) - Interest Paid (1,254) (535) Dividend Paid - (8,732) Payment of principal portion of lease liabilities (862) (798) Cash Credit repaid (including working capital demand loan) (net) (1,082) (5,729) NET CASH USED IN FINANCING ACTIVITIES (31,792) (18,011) D. Effect of Foreign Exchange Fluctuation 8 225 NET INCREASE IN CASH & CASH EQUIVALENTS (A+B+C+D) (13,091) (3,160) Add- CASH & CASH EQUIVALENTS-OPENING BALANCE 17,675 10,463 Add- CASH & CASH EQUIVALENTS ACQUIRED ON BUSINESS ACQUISITION 152 - CASH & CASH EQUIVALENTS-CLOSING BALANCE 4,736 7,303 EMAMI LIMITED CIN No : L63993WB1983PLC036030 Regd. Office :- 687, Anandapur, Emami Tower, E. M. Bypass, Kolkata – 700 107, West Bengal UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026
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1 2 3 4 5 6 7 8 9 10 GEOGRAPHICAL DISCLOSURE OF SEGMENT WISE REVENUE AND NON CURRENT ASSETS ₹ in Lacs Year Ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment Revenue (Revenue from Operation) # Within India 90,545 91,196 61,832 1,81,741 1,38,072 3,10,320 Outside India 18,220 12,725 18,019 30,945 32,188 67,631 Revenue from Operations 1,08,765 1,03,921 79,851 2,12,686 1,70,260 3,77,951 Non Current Assets* Within India 1,67,176 1,66,225 91,897 1,67,176 91,897 86,038 Outside India 3,460 3,682 2,578 3,460 2,578 3,644 Non Current Assets 1,70,636 1,69,907 94,475 1,70,636 94,475 89,682 # Based on Customer location / destination * Other than Tax Assets, Financial Assets & Investments accounted for using equity method 11 For and on behalf of the board Place : Kolkata H V Agarwal Date : November 5, 2026 Vice-Chairman and Managing Director These financial results are available on the Holding Company's website at https://www.emamiltd.in. PARTICULARS Quarter Ended Half Year Ended The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 5, 2026. These results have been subjected to limited review by statutory auditors of the Group. The consolidated financial results of the Group have been prepared in accordance with the Indian Accounting Standards ('Ind AS') as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The above consolidated financial results include unaudited/unreviewed interim financial results and other unaudited/unreviewed financial information in respect of : (a) One (1) subsidiary including its two (2) subsidiaries, whose interim financial information/financial results reflect total revenues of Rs. 8,357 lacs, total net profit after tax of Rs. 941 lacs and total comprehensive income of Rs. 946 lacs for the quarter ended September 30, 2026. However, the group has got the financial results and other financial information reviewed for the entire six months period April 01, 2026 to September 30, 2026 in respect of the above entities. (b) two (2) associates, whose interim financial information/financial results includes the Group’s share of net loss of Rs. 34 lacs and Rs. 189 lacs and Group’s share of total comprehensive loss of Rs. 34 lacs and Rs. 189 lacs for the quarter ended September 30, 2026 and for the period ended on that date respectively. The above entities are not material to the Group. The Management believes that there would not be any significant impact, had these financial information been subjected to limited review by the auditor. NOTES TO UNAUDITED CONSOLIDATED FINANCIALS RESULTS One of the manufacturing facilities of the Holding Company, located in Assam, was eligible for availing income tax benefits up to March 31, 2026 under section 80IE of Income Tax Act, 1961 ("the Act"), resulting in accumulation of MAT credit entitlement. As at March 31, 2026, the aggregate MAT credit recognised by the Holding Company amounted to Rs. 61,837 lacs. Pursuant to Finance Act, 2026, such MAT credit continues to be available for utilisation against future tax liabilities under new tax regime. During the quarter and half year ended September 30, 2026, the Holding Company has utilised MAT Credit of Rs. 1,182 lacs and Rs. 2,527 lacs respectively and the MAT credit balance as at September 30, 2026 is Rs. 59,310 lacs. The Board of Directors at its meeting held on November 5, 2026, declared an Interim Dividend of 500% i.e Rs.5/- per equity share of Rs. 1/- each fully paid up. The Company has fixed November 13, 2026, as the Record Date for the purpose of determining shareholders entitled to receive the said Interim Dividend. As at March 31, 2026, the Holding Company held 26.5% equity stake in Axiom Ayurveda Pvt. Ltd. (“Axiom”). Pursuant to Share Purchase Agreement dated April 1, 2026, the Holding Company acquired a controlling stake in Axiom through payment of first tranche consideration of Rs. 100 crores towards the total agreed consideration of Rs. 200 crores for acquisition of the remaining 73.5% stake. Consequently, Axiom has become a subsidiary of the Holding Company with effect from April 1, 2026. The Company has recorded a financial liability towards the payment of the second tranche. On Axiom becoming subsidiary, the fair value of assets and liabilities acquired have been provisionally determined and accounted for in accordance with IND AS 103 - "Business Combination". Accordingly, financial results of the Group for the quarter and half year ended September 30, 2026, include the impact of the above transaction with effect from April 1, 2026 and are not comparable with previous periods. Pursuant to the Share Subscription and Purchase Agreement ("SSPA") dated May 7, 2026, the Holding Company acquired a controlling stake of 60% (on a fully diluted basis) in IncNut Digital Pvt. Ltd. (“IncNut”), for a consideration of Rs. 32,099 lacs. Consequently, IncNut has become a subsidiary of the Holding Company with effect from June 1, 2026. The balance 40% shareholding will be acquired through subsequent tranches over the next four years, in accordance with the terms of the SSPA. The Company has recorded a financial liability towards the acquisition of remaining stake at its fair value. On IncNut becoming subsidiary, the fair value of assets and liabilities acquired have been provisionally determined and accounted for in accordance with IND AS 103 - "Business Combination". Accordingly, financial results of the Group for the quarter and half year ended September 30, 2026, include the impact of the above transaction with effect from June 1, 2026 and are not comparable with previous periods. The Board of Directors of the Holding Company, at its meeting held on September 17, 2026, approved Buyback of the Holding Company’s fully paid-up equity shares of face value of Rs. 1 each from the eligible equity shareholders of the Holding Company other than promoters, promoter group and persons who are in control of the Holding Company, at a price not exceeding Rs. 475 per equity share (Maximum Buyback price) and for an aggregate amount not exceeding Rs. 28,200 lacs (Maximum Buyback size), payable in cash from the open market route through the stock exchange mechanism under the Companies Act, 2013 and SEBI Buyback Regulations 2018, as amended. The buyback commenced on September 22, 2026 and got completed on October 09, 2026. The Holding Company has bought back 73,00,000 equity shares (52,67,000 equity shares till September 30, 2026) under buyback by utilising Rs. 28,124 lacs {Rs 20,471 lacs till September 30, 2026 (excluding brokerage, transaction costs and taxes)}. All the shares bought back have been extinguished as per the records of the depositories during the month of October 2026. During the year ended March 31, 2026, the Group recognised an incremental impact of Rs. 1,015 lacs towards employee benefit obligation, arising from changes in the wage definition under the New Labour Codes, which was disclosed as an exceptional item. The Group's business activity falls within a single operating segment, viz, "Personal and Healthcare". Information pertaining to Geographical segment is given below:
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22, Camac Street 3rd Floor, Block ‘B’ Kolkata – 700 016, India Tel: +91 33 6134 4000 Chartered Accountants S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Emami Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Emami Limited (the “Company”) for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company’s Bo ard of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consi sts of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as
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Chartered Accountants amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be discl osed, or that it contains any material misstatement. For S.R. BATLIBOI & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005 ___________________________________ per Shivam Chowdhary Partner Membership No.: 067077 UDIN: 26067077TOHQDR1584 Place: Kolkata Date: November 05, 2026
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₹ in Lacs Year Ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income : (a) Revenue from Operations 69,820 77,992 60,447 1,47,812 1,36,093 3,04,826 (b) Other Income 2,289 5,318 5,385 7,607 7,476 11,854 Total Income 72,109 83,310 65,832 1,55,419 1,43,569 3,16,680 2 Expenses : (a) Cost of Materials Consumed 22,841 15,736 18,627 38,577 33,928 69,994 (b) Purchases of Stock-in-trade 4,731 6,994 3,723 11,725 11,523 24,851 (c) (Increase) / Decrease in Inventories of Finished Goods, Stock in trade and Work-in-Progress (5,387) 3,061 (5,863) (2,326) (5,616) (4,597) (d) Employee Benefits Expense 9,698 9,475 9,109 19,173 18,434 36,098 (e) Advertisement and Sales Promotion 9,360 12,897 9,369 22,257 23,046 47,169 (f) Other Expenses 9,058 8,285 8,720 17,343 17,959 36,312 Total Expenses 50,301 56,448 43,685 1,06,749 99,274 2,09,827 3 Earnings before Finance costs, Depreciation & Amortisation, Exceptional Item and Tax (1-2) 21,808 26,862 22,147 48,670 44,295 1,06,853 4 Finance Costs 158 89 47 247 97 196 5 Profit after Finance costs but before, Depreciation & Amortisation, Exceptional Item and Tax (3-4) 21,650 26,773 22,100 48,423 44,198 1,06,657 6 Depreciation & Amortisation Expense : a. Amortisation of Intangible Assets 1,658 1,639 2,064 3,297 4,104 7,892 b. Depreciation of Property, Plant & Equipment 1,481 1,488 1,676 2,969 3,309 6,542 c. Depreciation of Right of Use Assets 292 286 275 578 547 1,129 Total Depreciation & Amortisation Expense 3,431 3,413 4,015 6,844 7,960 15,563 7 Profit before Exceptional Item and Tax (5-6) 18,219 23,360 18,085 41,579 36,238 91,094 8 Exceptional item (Refer note 8) - - - - - (1,015) 9 Profit Before Tax (PBT) (7+8) 18,219 23,360 18,085 41,579 36,238 90,079 10 Tax Expense/ (Credit) (Refer note 3) : a. Current Tax (MAT) 3,545 4,036 2,774 7,581 5,950 15,838 b. Deferred Tax Credit (154) (243) (187) (397) (480) (1,505) c. MAT Credit Utlisation/ (Entitlement) 1,182 1,345 (2,736) 2,527 (3,775) (8,416) Total Tax Expense 4,573 5,138 (149) 9,711 1,695 5,917 11 Profit After Tax (PAT) (9-10) 13,646 18,222 18,234 31,868 34,543 84,162 12 Other Comprehensive Income / (Loss) : Items that will not be reclassified to Profit or Loss in subsequent periods 2,496 2,359 (453) 4,855 838 (2,667) Income tax relating to items that will not be reclassified to Statement of profit and loss 18 19 6 37 12 127 Items that will be reclassified to Statement of Profit or Loss in subsequent periods 236 (254) - (18) - (517) Income tax relating to items that will be reclassified to Statement of profit and loss (25) 23 - (2) - 121 Total Other Comprehensive Income / (Loss) 2,725 2,147 (447) 4,872 850 (2,936) 13 Total Comprehensive Income / (Loss) for the period/ Year (11+12)16,371 20,369 17,787 36,740 35,393 81,226 14 Paid - up Equity Share Capital (Face Value - Re 1/- per Share) 4,365 4,365 4,365 4,365 4,365 4,365 15 Other Equity 3,11,197 16 Earnings per Share (EPS) (in Rs.) (Face value of Re 1/- each) (not Annualised) (a) Basic 3.13 4.17 4.17 7.30 7.91 19.28 (b) Diluted 3.13 4.17 4.17 7.30 7.91 19.28 EMAMI LIMITED CIN No : L63993WB1983PLC036030 Regd. Office :- Emami Tower, 687 Anandapur, E. M. Bypass, Kolkata 700107, West Bengal UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED SEPTEMBER 30, 2026 PARTICULARSS.N. Quarter Ended Half Year Ended
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₹ in Lacs Unaudited Audited As at 30.09.2026 As at 31.03.2026 ASSETS 1 Non-Current Assets (a) Property, Plant and Equipment 48,287 50,505 (b) Capital Work-in-Progress 182 79 (c) Investment Properties 3,959 4,007 (d) Intangible Assets 15,238 18,492 (e) Right of Use Assets 2,326 1,811 (f) Intangible Assets under Development 142 58 (g) Financial Assets (i) Investments 1,27,982 72,369 (ii) Loans 923 2,575 (iii) Other Financial Assets 977 928 (h) Deferred Tax Assets (Net) (Refer note 3) 60,127 62,222 (i) Other Non-Current Assets 1,629 895 2,61,772 2,13,941 2 Current Assets (a) Inventories 39,406 33,430 (b) Financial Assets (i) Investments 18,492 47,188 (ii) Trade Receivables 17,090 18,950 (iii) Cash and Cash Equivalents 682 13,405 (iv)Bank balance other than (iii) above 19,131 18,296 (v) Loans 3,375 2,319 (vi) Other Financial Assets 8,638 8,083 (c) Other Current Assets 17,884 16,946 1,24,698 1,58,617 Total Assets (1+2) 3,86,470 3,72,558 EQUITY AND LIABILITIES 1 EQUITY (a) Equity Share Capital 4,365 4,365 (b) Other Equity 3,27,204 3,11,197 Total Equity 3,31,569 3,15,562 LIABILITIES 2 Non-Current Liabilities (a) Financial Liabilities (i) Lease Liabilities 1,154 663 (ii) Other Financial Liabilities 427 321 (b) Provisions 2,663 2,209 (c) Other Non-Current Liabilities 1,028 1,115 5,272 4,308 3 Current Liabilities (a) Financial Liabilities (i) Borrowings 2,830 7,500 (ii) Lease Liabilities 1,033 1,003 (iii) Trade Payables Total outstanding dues of Micro & Small Enterprises 4,451 4,482 Total outstanding dues of creditors other than Micro & Small Enterprises 23,786 24,807 (iv) Other Financial Liabilities 6,915 5,096 (b) Other Current Liabilities 1,148 1,935 (c) Provisions 6,957 6,553 (d) Current Tax Liabilities (Net) 2,509 1,312 49,629 52,688 Total Equity and Liabilities (1+2+3) 3,86,470 3,72,558 S.N. PARTICULARS STATEMENT OF ASSETS AND LIABILITIES EMAMI LIMITED Standalone CIN No : L63993WB1983PLC036030 Regd. Office :- 687 Anandapur, Emami Tower, E. M. Bypass, Kolkata 700 107, West Bengal
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₹ in Lacs Half Year Ended September 30, 2026 Half Year Ended September 30, 2025 Unaudited Unaudited A. CASH FLOW FROM OPERATING ACTIVITIES : PROFIT BEFORE TAX 41,579 36,238 Adjustments for : Profit on sale/Fair Value of mutual funds and AIF (net) (1,350) (2,257) Depreciation and Amortisation Expense 6,844 7,960 Finance Costs 247 97 Interest income on Loans, Deposits & Commercial Paper (1,795) (1,268) Profit on Sale/Disposal of Property, Plant & Equipments (net) (6) (151) Dividend Income from equity investment carried at fair value through OCI (254) (127) Sundry balances written back (Net) (2) (22) Unrealised Foreign Exchange (Gain)/Loss (net) 237 (185) Dividend Income from equity investment carried at cost (3,128) (3,260) Gain on reversal of provision for financial guarantee obligation (512) - Provision for Doubtful Receivables - 68 Cash Generated from operations before working capital changes 41,860 37,093 Adjustments for working capital changes : Increase/(Decrease) in Trade Payables and Other Liabilities 210 (4,270) (Increase) in Inventories (5,977) (8,663) Decrease in Trade Receivables 1,765 7,386 (Increase) in Loans and Other Financial Assets (647) (493) (Increase) in Other Non Financial Assets (1,072) (3,705) Increase in Provisions 709 111 (5,012) (9,634) CASH GENERATED FROM OPERATIONS 36,848 27,459 Less : Direct Taxes Paid (net of refund) 6,384 6,093 NET CASH GENERATED FROM OPERATING ACTIVITIES 30,464 21,366 B. CASH FLOW FROM INVESTING ACTIVITIES : Purchase of Property, Plant & Equipment & Intangible Assets (Including Capital Work-in-Progress and Intangible Assets under Development) (1,734) (1,788) Proceeds from Sale of Property, Plant & Equipment 32 264 Interest Received 218 565 Dividend Received 3,383 3,387 Purchases of Current Investments (1,38,570) (1,20,978) Proceeds from Sale of Current Investments 1,72,186 1,07,820 Investment in Optionally Convertible Debentures of Associate - (400) Investment in Subsidiary Companies (47,932) (5,921) Investment in Alternative Investment Funds (AIF) (1,121) (938) Proceeds from Alternative Investment Funds (AIF) 18 6 Investment in Exchange Traded Funds (1,533) - Loan given to Subsidiary Companies (1,000) (1,500) Repayment of Loan from Subsidiary Company 435 - Loans given to Associate Companies (483) (1,150) Deposits made with Banks (1,220) (280) Proceeds from maturity of Deposits with Banks 340 6,055 NET CASH USED IN INVESTING ACTIVITIES (16,981) (14,858) C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of Short Term Borrowings (7,500) - Buy Back of Shares including Transaction Costs and Taxes (20,733) - Transfer (to) /from Escrow Account (net) (92) 4 Interest Paid (139) (98) Dividend Paid - (8,730) Payment of principal portion of lease liabilities (572) (534) Cash Credit taken/(repaid) (including working capital demand loan) (net) 2,830 (9) NET CASH USED IN FINANCING ACTIVITIES (26,206) (9,367) NET (DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C) (12,723) (2,859) Add- CASH & CASH EQUIVALENTS- OPENING BALANCE 13,405 5,864 CASH & CASH EQUIVALENTS- CLOSING BALANCE 682 3,005 EMAMI LIMITED CIN No : L63993WB1983PLC036030 Regd. Office :- 687, Anandapur, Emami Tower, E. M. Bypass, Kolkata – 700 107, West Bengal UNAUDITED STANDALONE STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026
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1 2 3 4 5 6 7 8 9 10 For and on behalf of the board Place : Kolkata H V Agarwal Date : November 5, 2026 Vice-Chairman and Managing Director NOTES TO UNAUDITED STANDALONE FINANCIALS RESULTS The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 5, 2026. These results have been subjected to limited review by statutory auditors of the Company. The financial results of the Company have been prepared in accordance with the Indian Accounting Standards ('Ind AS') as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. One of the manufacturing facilities of the Company, located in Assam, was eligible for availing income tax benefits up to March 31, 2026 under section 80IE of Income Tax Act, 1961 ("the Act"), resulting in accumulation of MAT credit entitlement. As at March 31, 2026, the aggregate MAT credit recognised by the Company amounted to Rs. 61,837 lacs. Pursuant to Finance Act, 2026, such MAT credit continues to be available for utilisation against future tax liabilities under new tax regime. During the quarter and half year ended September 30, 2026, the Company has utilised MAT Credit of Rs. 1,182 lacs and Rs. 2,527 lacs respectively and the MAT credit balance as at September 30, 2026 is Rs. 59,310 lacs. The Board of Directors at its meeting held on November 5, 2026, declared an Interim Dividend of 500% i.e Rs.5/- per equity share of Rs. 1/- each fully paid up. The Company has fixed November 13, 2026, as the Record Date for the purpose of determining shareholders entitled to receive the said Interim Dividend. As at March 31, 2026, the Company held 26.5% equity stake in Axiom Ayurveda Pvt. Ltd. (“Axiom”). Pursuant to Share Purchase Agreement dated April 01, 2026, the Company acquired a controlling stake in Axiom through payment of first tranche consideration of Rs. 100 crores towards the total agreed consideration of Rs. 200 crores for acquisition of the remaining 73.5% stake. Consequently, Axiom has become a subsidiary of the Company with effect from April 01, 2026 with an aggregate of 63.25% stake. Pursuant to the Share Subscription and Purchase Agreement ("SSPA") dated May 07, 2026, the Company acquired a controlling stake of 60% (on a fully diluted basis) in IncNut Digital Pvt. Ltd. (“IncNut”), for a consideration of Rs. 32,099 lacs. Consequently, IncNut has become a subsidiary of the Company with effect from June 1, 2026. The balance 40% share will be acquired through subsequent tranches over the next four years, in accordance with the terms of the SSPA. The Board of Directors of the Company, at its meeting held on September 17, 2026, approved Buyback of the Company’s fully paid-up equity shares of face value of Rs. 1 each from the eligible equity shareholders of the Company other than promoters, promoter group and persons who are in control of the Company, at a price not exceeding Rs. 475 per equity share (Maximum Buyback price) and for an aggregate amount not exceeding Rs. 28,200 lacs (Maximum Buyback size), payable in cash from the open market route through the stock exchange mechanism under the Companies Act, 2013 and SEBI Buyback Regulations 2018, as amended. The buyback commenced on September 22, 2026 and got completed on October 09, 2026. The Company has bought back 73,00,000 equity shares (52,67,000 equity shares till September 30, 2026) under buyback by utilising Rs. 28,124 lacs {Rs 20,471 lacs till September 30, 2026 (excluding brokerage, transaction costs and taxes)}. All the shares bought back have been extinguished as per the records of the depositories during the month of October 2026. During the year ended March 31, 2026, the Company recognised an incremental impact of Rs. 1,015 lacs towards employee benefit obligation, arising from changes in the wage definition under the New Labour Codes, which was disclosed as an exceptional item. The Company's business activity falls within a single operating segment, viz, "Personal and Healthcare". Geographical segment disclosure has been given in the Consolidated Financials Results. These financial results are available on the Company's website at https://www.emamiltd.in.
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Annexure - B Disclosure as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. HO/49/14/14(7)2025 - CFDPOD2/I/3762/2026 dated January 30, 2026: Sl. No. Particulars Details of Change 1. Reason for Change viz. appointment, resignation removal, death or otherwise Appointment of Shri Debendra Banthiya, qualified Company Secretary (ICSI Membership No – F7790) as the ‘Company Secretary & Compliance Officer’ of the Company, and also designated as a Key Managerial Personnel under the Companies Act 2013/ the SEBI Listing Regulations. 2. Date of appointment, cessation, reappointment (as applicable) & term of appointment, reappointment Appointment w.e.f. 5th November, 2026. 3. Brief Profile (in case of Appointment) Shri Debendra Banthiya is a Fellow Member of ICSI, a qualified Cost Accountant, and a Law Graduate, with a Bachelor’s degree in Commerce from St. Xavier’s College, Kolkata. He brings over 17 years of experience in secretarial, legal, and corporate governance functions, including IPOs, strategic investments, and regulatory compliance. Previously, he has worked with reputed organizations such as Laser Power & Infra Limited, Emami Cement Ltd., Emami Paper Mills Ltd., HNG Group, and Shalimar Paints. 4. Disclosure of relationships between directors (in case of appointment of a director) Not Applicable.